Aged care provider Pathways is working towards its next development with four buildings up to eight storeys on Sydney’s Lower North Shore.
The project hone in on the growing population of people over 65 which is expected to double in the next 40 years, according to the federal government’s latest Intergenerational Report.
Current retirement village stock is at capacity, leaving opportunities for developers.
The on-exhibition State Significant Development would contribute by amalgamating low-density residential properties to provide housing for older generations.
The Pathway Cremorne Seniors Housing project is proposed for a T-shaped, 7354sq m site at 50-88 Parraween Street and 59-67 Gerard Street, bordering the town centre.
It includes a five-storey residential care facility as well as an eight-storey and two four-storey independent living apartment blocks created by Morrison Design Partnership and Chrofi. There are also two basement levels of parking for 134 cars.
The buildings would all have rooftop communal open space as well as a public park and landscaping by Svalbe & Co and television personality and landscaper Brendan Moar.
To maintain the character and scale of homes the area, nine homes on Parraween Street would be adaptively reused as semi-detached cottages, the developer said.
Retirement Living Council executive director Daniel Gannon said the focus needed to be on injecting supply into the market to meet growing demand.
“Retirement communities already play an important social and affordable role within the housing market, providing units that are on average 48 per cent cheaper than the median house price in the same postcode,” Gannon said.
“Encouraging and facilitating more seniors into retirement communities carries the added benefit of freeing up traditional housing stock for singles, couples, new and growing families.
“If more seniors are living in age-friendly communities, there is also significant economic upside for state and federal governments.
“Through reduced interaction with the health system and delayed entry to aged care, while more houses become available in the traditional real estate market.”
While the Pathways development aims to cater for the luxury market it is still part of the bigger picture, according to the developer.
“The project aims to deliver high-quality, purpose-built housing that will meet the changing needs and preferences of aging Australians,” the report by Gyde said.
“The proposal responds to the findings of the Royal Commission into Aged Care Quality and Safety and the impact of the Covid pandemic in aged care facilities, Which has cemented the shift in Australians of all ages wanting to be assisted to live independently [where possible] in their own home during their retirement years rather than having to go to an aged care facility.
“The project will contribute to the supply and diversity of housing stock within the North Sydney local government area.”
There were more than 260,000 senior Australians living in about 2500 retirement communities across the country.
Australia has about 4.4 million people aged over 65—this is expected to was estimated to grow to 6.6 million by 2041.
